If you save by reducing the consumption of earned income, the government supports a certain amount and earned income incentive by dividing a portion of the savings into proportions. If you meet the Youth Tomorrow Savings Account for up to 3 years, you can receive up to 14.4 million won at maturity. This is a youth policy product.
Youth Tomorrow Savings Account Application
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Summary of Youth Tomorrow Savings Accounts (feat. Conditions, Application, Documents, Self-Diagnosis Table, Mock Calculation)
Summary of Youth Tomorrow Savings Account (feat. conditions, application, documents, self-diagnosis table, mock calculation)
Conditions for signing up for Youth Tomorrow Savings Account
Category Below the next highest level Above the next highest level
Based on household income, 50% or less of median income. Above 50% to 100% or less of median income.
Age 15 years or older ~ 39 years old or younger 19 years old or older ~ 34 years old or younger
Employment standards: Earned and business income exceeding KRW 100,000 per month; exceeding KRW 500,000 per month but not exceeding KRW 2.2 million per month
Household wealth: KRW 350 million in large cities, KRW 200 million in small and medium-sized cities, and KRW 170 million in rural areas.
Support amount: 300,000 won per month 100,000 won per month
Standard median income, upper limit for subscription and maintenance income
Classification 1-person household 2-person household 3-person household 4-person household 5-person household 6-person household 7-person household
Standard median income 2,228,445 3,683,609 4,714,657 5,729,913 6,695,735 7,618,369 8,514,994
Subscription criteria
(Income ceiling) 2,228,445 3,683,609 4,714,657 5,729,913 6,695,735 7,618,369 8,514,994
Maintenance standards
(Income upper limit) Next highest
Below 4,714,657 4,714,657 4,714,657 5,729,913 6,695,735 7,618,369 8,514,994
second best
Excess of KRW 4,714,657 (the young person’s total earned and business income is 100% of the median income for a three-person household)
For households with 8 or more people, the standard median income increases by 896,625 won for each additional person.
Subscription criteria: The household’s recognized income at the time of application is 100% or less of the standard median income.
Maintenance criteria: Young people’s total earned and business income is 100% or less of the standard median income.
To sign up for a Youth Tomorrow Savings Account, you must meet all four conditions below.
✅ Age of subscription
Below 50% of the standard median income: Ages 15 to 39 at the time of application
Above 50% to below 100% of standard median income: Ages 19 to 34 at the time of application
✅ Income criteria
Below 50% of the standard median income: Young people who are currently working and have earned or business income of KRW 100,000 or more.
More than 50% ~ 100% or less of the standard median income: Young people who are currently working and whose monthly earned/business income is more than 500,000 won per month but less than 2.2 million won per month.
Verify actual employment through proof of employment, business registration, business activity certificate, etc.
Participation in financial support job projects (public work) and social job service projects (jobs for the elderly and the disabled, etc.) for which the state or local government directly pays the entire labor cost is excluded from the scope of work activities (however, self-support work projects are recognized)
Cases of college student work scholarships, unpaid work, unemployment benefits, and parental leave allowances are not eligible for registration.
✅ Based on households
Recognized income is 100% or less of the standard median income
Applying the same household standard under the National Basic Livelihood Security Act
✅ Furniture property
Large cities: KRW 350 million, small and medium-sized cities: KRW 200 million, rural areas: KRW 170 million or less
Youth Tomorrow Savings Account Application
📌 Duplicate subscription?
Category list
Youth Tomorrow Savings Account
Non-duplicate Youth Tomorrow Filling Deduction
Seoul City Double Hope Youth Passbook
Deductions to be filled tomorrow for young workers
Youth worker bankbook ((Working youth bankbook)
Future Happiness Account (North Korean defectors)
Youth Hope Plus Bankbook
Long-term employment savings for small and medium-sized businesses
Gyeonggi-do disabled Nurim account
Jeollanam-do Youth Hope Stepping Stone Account
Jeju Job Rehabilitation Savings (53+2)
Happy Dream Account
Youth Meister Passbook
youth pension
Passionate youth package project
Working Suncheon Youth Hope Account
Gangwon-do type job relief deduction
Including other similar support projects
◼ If you are a subscriber to a Youth Hope Growth Account or a Youth Savings Account and wish to sign up for a Youth Tomorrow Savings Account, you must cancel your existing account and sign up for a new one.
📢 Those who subscribe to the Youth Hope Growth Account or Youth Savings Account cannot sign up for the Youth Tomorrow Savings Account.
◼ Household members (excluding subscribers) who sign up for Hope Savings Account Ⅰ and Ⅱ can also sign up for Youth Tomorrow Savings Account.
◼ The subscription period is 3 years, and only for subscribers who are retired due to pregnancy or childbirth or who are on childcare leave, the subscription period can be extended to 5 years when applying for military service accrual suspension (2 years).
However, government subsidies are matched and accumulated for up to 3 years, and can be extended only once.
◼ The suspension of accruals for retirees due to pregnancy or childbirth (apply within 1 month from the date of retirement if possible) and those on childcare leave (apply within 1 month from the start of leave if possible) will be applied retroactively from subscribers in 2022.
📢 To apply for suspension of accumulation (2 years), you must apply directly to the local government with relevant supporting documents.
◼ Even if a class move occurs after signing up (below 50% of the median ↔ exceeding 50% of the median), the accumulated support funds will be maintained as of the time of signing up, and if you wish to change, you will need to cancel the refund and re-enroll.
Youth Tomorrow Savings Account Support Amount
The Youth Tomorrow Savings Account requires at least 100,000 won for the first payment each month, and is a product that allows free savings in increments of 10,000 won up to 500,000 won depending on the individual’s will.
✅ In principle, automatic transfer is made every month from the 23rd of the previous month to the 22nd of the current month before the deposit deadline. If unavoidable circumstances arise, deposits can be made into your own savings account.
📌 Depending on the subscriber’s circumstances, early withdrawal is possible only once before maturity.
✅ We provide earned income incentives by matching KRW 100,000/KRW 300,000 to your monthly savings (KRW 100,000 – KRW 500,000).
Below 50% of the standard median income: 300,000 won flat match
Above 50% ~ below 100% of the standard median income: 100,000 won flat match
✅ Below 50% of median income
Saving more than 100,000 won per month + continuing work for 3 years + completion of education + fund use plan = 10.8 million won in earned income incentives
✅ Above 50% ~ 100% or less of standard median income
Saving more than KRW 100,000 per month + continuing work for 3 years + completion of education + fund use plan = KRW 3.6 million in earned income incentives
Youth Tomorrow Savings Account Mock Calculation
✅ Subscriber continues working
If you are not working during the verification process for social security benefits, you will receive a refund. However, if the subscriber provides an explanation within one month from the date the city/county/district notifies the subscriber of the results of the investigation, it can be continued.
Subscribers within 3 months of signing up are excluded from the verification survey.
Same as Hope Savings Ⅱ
✅ Completion of training (total of 10 hours) and submission of fund use plan
Complete training using the asset formation portal and self-sufficiency information system (education and training)
📌 Exceptions to income conversion
Savings and earned income tax incentives deposited in the account during the accumulation period (3 years) are excluded from the income conversion amount.
After the total business period has elapsed, the total reserves are included in the income conversion amount of the property.
Youth Tomorrow Savings Account Application
Documents to be submitted for Youth Tomorrow Savings Account
Those wishing to sign up for the Youth Tomorrow Savings Account can visit their town/village/dong community center or access the Welfare website and fill out a self-diagnosis form before applying for membership. If the self-diagnosis form satisfies the required registration requirements, they can submit the relevant documents.
Application documents and self-diagnosis sheet.hwp
0.07MB
Category Content
Required documents
(Common) ▪ Application for provision (change) of social welfare services and benefits
▪ Application for participation (change) in asset formation support project (including savings consent form)
▪ Youth Tomorrow Savings Account Self-Diagnosis Table
▪ Agreement on collection, use, and provision of personal information
▪ Consent to provide financial information, etc.
▪ Income/property report
▪ Family relationship certificate
▪ (When applying on-site) Applicant’s identity verification documents (resident registration card, driver’s license, etc.)
▪ (When applying by proxy) Power of attorney, identity verification documents of proxy applicant/applicant
Category Content
proof of income
document
(Required) Work
income all the time
Worker ▪ Proof of employment
daily use
Workers ▪ Employment insurance daily work statement (issued by Korea Workers’ Compensation and Welfare Service) or employment wage confirmation
– If employment wage confirmation cannot be submitted, work activity and income reports can be substituted.
▪ Salary transfer statement or salary transfer account deposit details
business
income other business
Income ▪ Dead speaker registration certificate or consignment contract (regardless of the name of the contract)
▪ Proof of income amount (issued by National Tax Service home tax) or business income withholding tax receipt
– Other business income (income from wholesale, retail, manufacturing, and other businesses) can be submitted to the National Tax Service with a receipt (including the reported amount).
agriculture and forestry
Livestock industry ▪ (Income from agriculture, forestry and livestock industry) Requirements for farmer qualifications and submission of supporting documents related to purchase (transaction)
▪ Work activity and income report
▪ Proof documents that can replace business registration, such as agricultural business confirmation, farmer confirmation, livestock breeding business license registration, etc.
– Issuer: National Agricultural Products Quality Management Service support office (local government) that has jurisdiction over the applicant’s residence
▪ Rice (field) direct payment confirmation, etc.
Fishing income ▪ (Fishing income) Requirements for qualifications as a fisherman and submission of supporting documents related to purchase (transaction)
▪ Work activity and income report
▪ Fishery management business confirmation, fisherman confirmation
– Issuer: The Fisheries Agency that has jurisdiction over the applicant’s address or the address of a business such as a fishing facility or fish farm.
▪ Fishery cooperative’s illegal judgment records by fish family
▪ Evidential documents related to transactions, such as shipment volume by fish species, such as fishing village data
How to apply for Youth Tomorrow Savings Account
You can apply by visiting the local community center in the jurisdiction of your address, or apply online through the Bokbo website.
Category New recruitment qualifications Eligibility investigation, selection of subscribers,
Decision processing and transfer account opening and
Deposit your savings
Performing entity Applicant/eup/myeondong District/county District/county subscriber
(Hana Bank)
Period 5.1 (Wed) ~ 5.21 (Tue) 5.1 (Wed) ~ 7.31 (Wed) 8.1 (Thu) ~ 8.16 (Fri) 8.1 (Thurs) ~ 8.22 (Thurs)
Youth Tomorrow Savings Account Application
✅ Depending on the results of the income survey, the city, county, or district conducts a review of household characteristics and savings sustainability. Once the final support recipient is confirmed, the applicant will be notified of the results within 70 days and provided with guidance on a new account (Hana Bank, etc., where a bank account can be opened).
✅ You can open a bank account at a nearby Hana Bank branch, or for cities, counties, and districts that do not have a branch, the account can be opened through the city, county, or district with the cooperation of a nearby branch. You can open an account non-face-to-face without having to visit Hana Bank in person.
📌 You must deposit your savings at the same time as opening an account, so bring the cost to the bank.